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<br /> <br />Councilmember LeTourneau introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #13-07-117 <br /> <br />APPROVING THE ISSUANCE OF $635,000 GENERAL OBLIGATION EQUIPMENT <br />CERTIFICATES OF INDEBTEDNESS, SERIES 2013A <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA as follows: <br /> <br />1. That the City Council hereby finds and declares that it is necessary and expedient for the <br />City Council to sell and issue its fully registered general obligation equipment certificates <br />of indebtedness in the total aggregate principal amount of not to exceed $635,000 (herein, <br />the “Certificates”). The proceeds of the Certificates will be used to finance the cost of <br />capital equipment to be used by various City departments and to pay the costs of issuing <br />the Certificates. <br /> <br /> <br />2.That the City desires to proceed with the sale of the Bonds by direct negotiation to <br />Northland Securities, Inc. (herein, “NSI”). NSI will purchase the Bonds in an arm’s- <br />length commercial transaction with the County. <br /> <br /> <br />3.That the Finance Director and the City Administrator are hereby authorized to approve <br />the sale of the Certificates in an aggregate principal amount not to exceed $675,000 and <br />to execute a bond purchase agreement for the purchase of the Certificates, provided the <br />True Interest Cost (“TIC”) does not exceed 3.75%. <br /> <br /> <br />4.That the NSI is authorized to prepare and distribute an offering document related to the <br />sale of the Bonds. <br /> <br /> <br />5.That upon approval of the sale of the Certificates by the Finance Director and the City <br />Administrator, the City Council will take action at its next regularly scheduled meeting <br />thereafter to adopt the necessary approving resolutions as prepared by the City's bond <br />counsel. <br /> <br />6. That if the Finance Director and the City Administrator have not approved the sale of the <br />Certificates and executed the related bond purchase agreement by December 31, 2013, <br />this resolution shall expire. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />Kuzma, and upon vote being taken thereon, the following voted in favor thereof: <br /> <br /> Councilmember LeTourneau <br /> Councilmember Kuzma <br /> Councilmember Backous <br /> Councilmember Riley <br /> Councilmember Tossey <br /> <br /> <br /> <br />Resolution #13-07-117 <br />Page 2 of 3 <br /> <br />